If you would like more information about what’s happening in Oregon, please FReepmail me. Please send me your name by FReepmail if you want to be on this list. More loot for the thieves and liars in the District of Criminals, what could go wrong? /s
““High-frequency traders front-run the market and drive up prices for individuals, pension funds and other value investors,”
Sure glad the givernment is really concerned about price increases affecting pension funds and other value investors and therefore need to step in to protect them from “high frequency traders”. And taxing transactions is just the right medicine. /s
I actually like this plan and wish Trump had done it - although I doubt it goes anywhere with the Democrats either.
With high-speed trading, they write computer programs that are actually able to see trades moving towards the markets. The programs get ahead of the trades, and they skim off of the trades.
For example, if a buy-order for 1Million shares of GM was just launched, the High Speed trading programs will go in and buy GM before the the 1M buy order makes it to the NYSE (we’re talking a handful of milliseconds here), and then the 1M buy order makes it to market, GM goes up slightly, and the High Speed trading program promptly sells GM.
Other than making a relative handful of people very rich (at the expense of others), they serve NO VALUE to this country.
“DeFazio’s Wall Street Tax Act addresses the disconnect between the financial system and the real economy by reducing unproductive, dangerous, and speculative trading.”
So now the government wants to control how I play the stock market? Congratulations Wall Street, you got exactly what you paid for. Let me know how it feels when you see your pay check for $800 a week rather than $80,000.
He’s a phony left-wing populist, who has been trying this for years.
The 5 Congressional Districts in Oregon are perfectly gerrymandered, so this phony gets reelected every 2 years.
His heritage is New England liberal who hates Republicans, he’s been doing it his whole life.
Thieves, thieves, tramps and thieves...
Kind of like politicians, eh?
What’s the matter? Are you jealous or afraid of the competition?
Wall Street owns the dems. This isn’t going anywhere.
If these reforms are so motivated by the love of the people, or rather, the love of *some* people at the expense of others, why are billionaires funding this dismantling of the Constitution and our rights?
He needs to rename it , “The Make London the Financial Capital of the World Act,” because that’s exactly what it will do.
They reap enormous financial benefits for themselves and their privileged elite investors but add no value to our economy.
lol
If you would like more information about what’s happening in Oregon, please FReepmail me. Please send me your name by FReepmail if you want to be on this list. “The Wall Street Tax Act would tax the sale of stocks, bonds, and derivatives at 0.1 percent (10 basis points), and would raise an estimated $777 billion over a decade.”
I think I found the real reason behind this tax...
I can't help thinking why we she put it this way.
Why couldn't she have just said for "all American working families" ????
Maybe they are thinking of Nationalizing Wall Street. Also, the Oil Industry and any other industry that makes money. It is the CCP model and China Joe should be very familiar with it.
Good bye New York!!
effin’ idjits...
I'm not a fan of high frequency traders and, most particularly the pattern day trader rule which limits HFT to those with accounts worth over $25,000. The excuse is that HFT is too risky for the average investor. The reality is that short-term profit taking is far less risky than the "buy and hold" strategy sold to the average investor. And the government STILL collects a tax of roughly a penny per every $400 in stock sold, which is MORE than adequate to regulate Wall Street.
That being said, a bigger tax will do little to reduce high frequency traders because most of it is done by investment banks like Goldman Sachs, not some retired schmuck who wants to make a little more on an account typically worth between $25K and $100K who can least afford the tax. But I guess that's the whole idea.
HATE DeFazio.
HOWEVER, a vast amount of WALL STREET sucks.
Right, because the market was never volatile before high speed trading. This will be like the time when they banned onion futures trading and caused onion price volatility to go up.